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Plazacorp announces 2008 financial results

FREDERICTON, April 7 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX
Venture) today announced its results for the year ended December 31, 2008.
Michael Zakuta, Plazacorp's President and CEO, said, "We are pleased with
the results for the year ended December 31, 2008. The increase in FFO and our
financial results are a confirmation of Plazacorp's strategy and our ability
to successfully operate our business in today's economic environment. For the
year ended December 31, 2008, 9 new properties became income producing.
Currently we have 7 projects under development and two land assemblies in
progress, which upon completion will deliver stronger FFO going forward and
strengthen the quality of our portfolio."
The Corporation reported funds from operations ("FFO") of $12.3 million
for the year ended December 31, 2008, representing an 18.0% increase over
$10.4 million for the year ended December 31, 2007. FFO per share was $0.263
($0.260 diluted) for the year ended December 31, 2008, representing an 11.3%
increase over $0.236 ($0.231 diluted) for the year ended December 31, 2007.
The Corporation reported funds from operations ("FFO") of $3.2 million
for the three months ended December 31, 2008, representing a 17.1% increase
over $2.8 million for the three months ended December 31, 2007. FFO per share
was $0.069 ($0.068 diluted) for the three months ended December 31, 2008,
representing a 13.7 % increase over $0.060 ($0.059 diluted) for the three
months ended December 31, 2007.
Plazacorp's Summary of FFO for the three and twelve months ended December
31, 2008, compared to the three and twelve months ended December 31, 2007,
including the results of discontinued operations are presented below:
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3 Months 3 Months 12 Months 12 Months
(000's - except per Ended Ended Ended Ended
share amounts) December December December December
For the Periods Ended 31, 2008 31, 2007 31, 2008 31, 2007
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Total revenues $ 11,903 $ 10,927 $ 47,338 $ 40,920
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Basic earnings (loss)
per share $ 0.031 $ (0.007) $ 0.128 $ 0.082
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Diluted earnings
(loss) per share $ 0.031 $ (0.007) $ 0.126 $ 0.081
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Income (loss) and
other comprehensive
income $ 1,468 $ (330) $ 5,982 $ 3,605
Add:
(Gain) loss on disposal
of income producing
properties and surplus
lands (17) 549 (4,114) (3,072)
Income tax expense
(recovery) (756) 277 683 1,165
Income tax recovery
included in income
from discontinued
operations - (40) - (30)
Amortization 2,510 2,308 9,807 8,633
Amortization included
in income from
discontinued operations - 13 - 98
Non-controlling interests 79 67 424 327
Interest costs 3,559 3,357 14,490 12,469
Interest costs included
in income from
discontinued operations - - - 115
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Earnings before interest,
taxes, depreciation and
amortization (EBITDA) 6,843 6,201 27,272 23,310
Less:
Interest costs (3,559) (3,357) (14,490) (12,584)
Current income tax
(expense) recovery 3 (28) (42) (44)
Non-cash debenture interest 10 12 40 64
Non-controlling interest
adjustment to FFO (199) (199) (1,020) (828)
Equity accounting
adjustment to FFO 143 140 563 538
Corporate amortization (6) (8) (23) (31)
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Basic FFO 3,235 2,761 12,300 10,425
Interest on dilutive
convertible debentures
before income tax 16 38 64 151
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Diluted FFO $ 3,251 $ 2,799 $ 12,364 $ 10,576
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Basic Weighted
Average Shares
Outstanding 47,102 45,707 46,746 44,109
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Diluted Shares
Outstanding 47,771 47,347 47,534 45,792
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Basic FFO per share $ 0.069 $ 0.060 $ 0.263 $ 0.236
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Diluted FFO per share $ 0.068 $ 0.059 $ 0.260 $ 0.231
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A copy of Plazacorp's quarterly report can be found on the Corporation's
web site at www.plaza.ca and can be found on www.sedar.com
Plazacorp also announced that the Board of Directors has extended, until
further notice, the previously announced partial waiver of its blackout
policy. As a result, insiders, directors, officers and employees will be
permitted to purchase securities of Plazacorp provided that they are not in
possession of material undisclosed information relating to Plazacorp Retail
Properties and during certain periods such as when quarterly or annual
financial statements are being prepared.
Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp, as at April
7, 2009, owns interests in 97 properties comprising 4.3 million square feet of
retail real estate.
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION
This news release contains forward looking statements relating to our
operations and the environment in which we operate, which are based on our
expectations, estimates, forecasts and projections. These statements are not
future guarantees of future performance and involve risks and uncertainties
that are difficult to control or predict. Therefore, actual outcomes and
results may differ materially from those expressed in these forward looking
statements. Readers, therefore, should not place undue reliance on any such
forward looking statements. Further, a forward looking statement speaks only
as of the date on which such statement is made. We undertake no obligation to
publicly update any such statement, to reflect new information or the
occurrence of future events or circumstances, except for forward-looking
information disclosed in prior disclosures which, in light of intervening
events, requires further explanation to avoid being misleading.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00012014E